Saab sold - to Koenigsegg!

The Koenigsegg Group, a consortium led by the exclusive Swedish sports car manufacturer of the same name, has clinched a deal with General Motors to purchase Saab Automobile.

After lengthy negotiations, the contract was signed on Monday evening, Dagens Industri reports. The clincher came after a share transfer agreement was signed earlier which paved the way for the Koenigsegg Group to purchase GM's shares in the struggling Swedish car maker.

Saab had sought to secure financing via a major loan guarantees from a reluctant Swedish government.

Meanwhile, there are reports that, over at the other Swedish car maker, a Swedish business consortium anxious to thwart a Chinese bid to buy Volvo, has cranked up its efforts to find the money to make an offer to Ford for its Scando brand.